No big surprise that as we pull out of the most agonizing economic death dive since the 1930's, nonresidential construction (meaning everything other than homes or apartments) is expected to remain weak next year.
The American Institute of Architects (AIA) Consensus Construction Forecast, is projecting a 19% decline in office construction in 2010. The report went onto state,
"The seven million payroll job losses–or more than a 5% decline in payroll employment since the recession began–have diminished the need for office space. CB Richard Ellis reported that national office vacancy rates stood at 17.2% in the third quarter of 2009, up from 14.0% a year earlier, further indicating reduced need for office space until our economy begins to create more jobs."
The report did end on an optimistic note, projecting a 12% increase in new office construction for 2011. You can read the full report (HERE).
The American Institute of Architects (AIA) Consensus Construction Forecast, is projecting a 19% decline in office construction in 2010. The report went onto state,
"The seven million payroll job losses–or more than a 5% decline in payroll employment since the recession began–have diminished the need for office space. CB Richard Ellis reported that national office vacancy rates stood at 17.2% in the third quarter of 2009, up from 14.0% a year earlier, further indicating reduced need for office space until our economy begins to create more jobs."
The report did end on an optimistic note, projecting a 12% increase in new office construction for 2011. You can read the full report (HERE).
